About the platform

Shopiblock is a new blockchain platform for decentralized e-commerce. While the platform aims to create a complete suite for launching an e-commerce business on the Ethereum blockchain, the team is mainly betting on the tokenized future of e-commerce.

With Shopiblock, merchants can easily issue in-store, branded cryptocurrencies (“Merchant Tokens”) for their customers to use as discount coupons, loyalty points or gift cards. In addition to that by issuing a token on Shopiblock merchants and their customers become part of the Shopiblock network where branded tokens are exchangeable and can be used either to pay in other stores in the network or to be exchanged for a publicly traded cryptocurrency.

Main product of the platform is the complete white-label SaaS solution for e-commerce. The second major selling point is the automated merchant token generation, making it easy for merchants to launch their branded token. That is integrated with the payment gateway and the Auto Coin Conversion.

The use of merchant tokens as a currency for e-commerce is expected to be the next logical step in the world of online shopping as these days customers still need to be carrying loyalty cards and coupons for multiple stores. Merchant tokens are digital tokens for a multitude of stores, brands and merchants, they can be stored in a smartphone app. As per the whitepaper, Shopiblock plans to make use of Ethereum’s Raiden network as soon as possible to minimize transaction costs and make micro-payments possible. Enabling cheap cross-border e-commerce should make it possible for e-commerce to grow even in countries with limited infrastructure, Shopiblock is planning expansion to Africa by 2020.

Shopiblock is expecting the tokenization of e-commerce to drive up user engagement, lower the corporate expenses in efforts to engage customers and to minimize spam.

The risks related to the system proposed by Shopiblock are the unclear regulatory frameworks in many countries. For businesses, working with merchant tokens could mean additional tax consequences. It is also not yet clear how these semi-closed token systems will be legally handled: a merchant token will be issued in a closed system to be redeemed in a store, but the customer can choose to trade the token for SHB which as a public cryptocurrency can be traded for BTC, ETH or other cryptocurrencies.

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